ashley: but they're cranky, but they're also fearful, aren't they, of this fiscal cliff and a government overspending which many see as a huge, huge worry. wouldn't you agree? >> right. and the likelihood of our prolific friends in washington getting the policy right the first time is rather low which is why i think that the high for the year will likely be made sometime in october. and i think we'll see some sort of a pause and then perhaps a climb back up. ashley: you say a pause, there are many people saying this market is in need, desperate need of a correction, 5-10%. would you agree with that? >> well, it's difficult for me to be overly concerned given that liquidity is firmly in place, you don't have general participation by the public at a large, many pension funds around the country have moved to more defensive strategies, putting more money into bonds. so where's the real extreme selling going to come from? there's also a large short interest in the equity markets right now, so hedge funds, by and large, have not participated. long/short, equity hedge funds have done quite poor